Terms of Reference Project Update: 20 March 2009
Following a consultation process that began with the publication of an Issues Paper in August 2008 and which involved further consultation with industry and consumer representatives, internal stakeholders and Advisory Committees, the Board of Directors of the Financial Ombudsman Service Limited has approved the release of a Proposed Terms of Reference. The Board invites interested stakeholders to consider the Financial Ombudsman Service Proposed Terms of Reference.
As required by clause 14.2 of the Financial Ombudsman Service Constitution, the Proposed Terms of Reference is now available and notice is being sent to all individuals and organisations that have been consulted. Interested parties may make submissions about the Proposed Terms of Reference in accordance with the directions described below. The Board will also release the Proposed Terms of Reference to ASIC in accordance with regulatory requirements.
After considering submissions made within the consultation period, the Board will meet to consider the approval of the Terms of Reference at their meeting on 28 May 2009.
Making submissions
Interested parties may make written submissions about the Proposed Terms of Reference by the close of business Monday 20 April 2009. The Board encourages any interested individual or organisation intending to make a submission to do so as soon as possible prior to this closing date.
All submissions will be published on our website.
A submission must:
- Specify in detail any amendments to the Proposed Terms of Reference; and
- Provide reasons why the amendment is requested.
Following that, those who wish to comment on the initial round of submissions will have another 30 days to reply, that period concluding close of business Wednesday 20 May 2009.
Submissions and replies can be directed to:
Mr Phil Khoury
The Navigator Company Pty Ltd
c/- Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
The following links provide the documentation of the stages of the Terms of Reference project.